Atlantic City and Bend tied for the most overvalued city in the nation.

Here is a quick summary of Northwest markets and their overvalued ranking out of 330 markets. The only Oregon city to not break the top 25 was Corvallis.

The second chart shows the median home price for Oregon metro areas; all areas now show a downward trend. All cities have dropped below the permanently high plateau which they were supposed to maintain.

Now that prices are falling in Oregon we can look at the declines since the market peak. Medford peaked in the second quarter of 2006 while Corvallis peaked in the third quarter of 2007 so this chart aligns their peaks at zero and compares the rate of decline since then.